SPY Update (60 Min) - Rally Day Pause Expected
Even though my SPY Cycle Patterns suggest today is a RALLY day, I see the SPY has extended to an upper resistance channel (near $414.80) and may pause/slide sideways/downward a bit today.
I do expect support near $412.30 to act as a floor for any contraction. I would expect the SPY to hold above $412.30 and attempt to rally higher IF this price level is tagged today.
Overall, if we see a rally above $415 today - the SPY will likely extend the rally phase. Possibly target $421 to $427.
The Fed unleashed a wave of RALLY (Risk-On) for many investors.
My advice - play this move safely right now. Although it looks very promising, I still believe 2023 will stay very congested until Q3:2023. Then, we may see a moderate MELT-UP extend to new all-time highs again.
Follow my research.
I do expect support near $412.30 to act as a floor for any contraction. I would expect the SPY to hold above $412.30 and attempt to rally higher IF this price level is tagged today.
Overall, if we see a rally above $415 today - the SPY will likely extend the rally phase. Possibly target $421 to $427.
The Fed unleashed a wave of RALLY (Risk-On) for many investors.
My advice - play this move safely right now. Although it looks very promising, I still believe 2023 will stay very congested until Q3:2023. Then, we may see a moderate MELT-UP extend to new all-time highs again.
Follow my research.
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